Announcement: I will be gone on a trip to Italy for 2 weeks starting tomorrow, so no shows until then, best of luck!
In the meantime looks like today the markets are trying to bounce after a week of sliding. Will want to wait for a little more confirmation though, perhaps in the form of a shallow pullback.
Best stocks I am watching with potential are NVDA, AFRM, and MU. Again, always important to wait for confirmation of a good pattern before jumping in.
Best of luck to you over the next couple weeks!
Week starts with a slight day in the red, DOW is the biggest loser ay .75%, however the big loser on the day is crypto with a massive parabolic move down, bitcoin dropping over 10% in the course of an hour in the morning, only to recover about 50% of that drop. Interesting shakeout, now could be a good time to bargain shop on some cryptos.
PII also shook me out after what had a ton of potential on a good looking move today, CRUS was a less dramatic stop out today to end the day -2R. That is the way it goes sometimes, may be sitting on hands quite a bit this month....
All 3 markets start flat in pre market but immediately start sliding down to start the day, likely due to a jobs report that showed new jobs added being way under predicted for August. Likely due to that being the last month of unemployment benefits, my prediction is that we will see a bounce back of jobs for September as people are forced to go back to work.
Since markets are sliding we of course want to look for stocks that have good relative strength to the market. Nothing super impressive so far, but a couple on my list are PII, CRUS, DXC, and ZTO.
Bitcoin and crypto have an overnight slide after a nice weekend of gains, we will see if the beginning of El Salvador using Bitcoin as legal currency today has any effect on price or volume movement. If it does, it will be nothing substantial but a little boost to get some momentum going would be nice.
Markets get whipped around this week all over the place, no idea which way they will start next week. We will need to wait and see what the pre market charts look like...
Bitcoin and Crypto end the week sliding down just a hair but for the most part holding onto some significant gains made over the week. Remember that crypto never sleeps and the market is open 24/7 so we could potentially see some more price action movement over the weekend.
Took 2 trades today, one worked one didn't which will have me end the week roughly break even. Both buy setups, NVDA worked out and PD did not.
We see a huge swing both ways in the pre market chart, with a bit of a rise in the volatility indicator. Could go either way today so may be a good idea to wait a bit for confirmation of direction either way, or find some stocks with relative strength.
Bitcoin, Ethereum and the rest of the crypto market making big moves over night, could be a good play to jump in and trade those markets today.
Buy setups and breakouts are my 2 favorite patterns to trade. Here are the criteria for each:
SPY and the QQQ finish in the green today, but only barely, to start September which as we mentioned this morning is historically the most underwhelming month of them all. All it will take is one or two FUD catalysts to start a slide, we will see if that happens, although there is nothing in the foreseeable future that could cause that.
Both trades stopped me out today on SAVA and SKLZ, looked like nice entries but that is the way it goes sometimes. This is why as traders we take protective stop losses so we can live to fight another day.
Bitcoin, Ethereum and the crypto market have a huge lunch time rally, will be interesting to see if the momentum can continue up as there is a good amount of tradeable void to the upside for these cryptos still.
The SPY and QQQ start up on the day, in September which historically is the worst performing month in the calendar year. However, this year and last are very unique so we will see if that trend continues...
Bitcoin and Ethereum seem to be on different paths, Ethereum continues to climb while bitcoin continues to consolidate out a bit. Will this trend continue? We will need to see how Ethereum reacts when it gets to 3.6k and if Bitcoin can eventually break above 50k in a meaningful move.
Definitely some opportunities out there to be had to day in the markets, some stocks I am keeping an eye on are TWLO, GDS, FIGS, and SAVA.
All 3 markets end down today, but it is a pretty small loss. So, nothing to be concerned about, potential for another mild green day tomorrow as there is no major market moving news coming up this week.
Took one trade today and it worked out well for 2R on GDS. Great pair of entries but it took about all day to hit target. Sometimes it is like that, other times you hit target within 10 minutes.
Bitcoin looking ok so far, as long as we do not get too far below $46-46.5k. Ethereum seems to be showing relative strength to crypto market still, definitely a few reasons are possible as to why.
Markets start for the first 30 minutes sliding, but have since been in an effort to recover back to the upside. Tech and the Q's still down though for the most part.
Bitcoin showing off some of that crypto market volatility, looks to be in a little downtrend here so hopefully we get some buying activity. Ethereum however is showing good relative strength to the crypto market so that will be an interesting one to watch over the next few days.
Currently in GDS right now after a nice Buy setup, followed by a breakout formation as well. Make sure to scan your universe (list of 300+ stocks)! That is how you are going to find opportunities presented to you throughout the day.
Great day from the get go for Tech and the Q's, SPY also ended higher but the DOW not so much.
As predicted Bitcoin and the crypto markets bounce, going higher just about all day today. Hoping to see a significant move over 50k in the next few days to confirm strength.
CHWY did not work out for a day trade, however GDS did and in hindsight could have made a lot more than 2R. BUT, the trading plan is the plan and we ride or die with our trading plan, which allows us as day traders to consistently get desirable outcomes.
2/3 Markets rising to start the day (SPY/QQQ), with the Q's leading the way. Up pretty big already though so possible to see some choppiness in a bit or maybe a little bit of a pullback.
Bitcoin and crypto market consolidating a bit today still, as it has been over the past few days. No reason to expect any downwards significant moves below ~47.5k, so could be a good opportunity to trade some bounces.
The rip on Friday and the good day to start the day tells us that investors seem to be ok with tapering, as Jerome Powell said Friday that tapering will not begin ahead of schedule. As long as there are no surprises investors should be able to more accurately identify when to buy and sell, which will lead to a little more stability for the next few months until the tapering actually does begin. So take advantage of this time of low volatility!
All 3 market indexes finished lower today as expected, as the Federal Reserve Symposium in Jackson Hole gets under way with investors expecting there to be news of tapering and a reduction of the fed's generous monetary policy.
Bitcoin and crypto holding steady in a consolidation range which is nice to see when compared against the market slide today.
No trades taken today and likely not tomorrow either. Will need to see what direction we go in to confirm a bias one way or the other with volatility indicators spiking up during the day.
Markets today start very flat again, likely will remain that way unless there is a little bit of a pullback depending on what the various Fed reserve chairmen/women say. Due to improving unemployment, a lack of obvious inflation and increased consumer spending it is highly unlikely there will be increased stimulus from the fed, so we are likely going to hear tapering talk which could spook investors and cause a bit of a downturn.
Personally, I will be SOH today and likely tomorrow as well as there is going to be a lot of uncertainty in the markets as investors digest what the Fed executives say today, and Jerome Powell says tomorrow. Now may be a good time to start building up some cash to buy dips that are likely incoming in the coming weeks/months.
Markets open about as flat as can be, and there are not a ton of potential good gaps or stocks to be watched today. Likely will be a SOH day where we do not take any trades.
However a couple being watched are MU, TWLO and THO. Not super convinced on any of them though...
Bitcoin drops below our consolidation range overnight but quickly bounces back up into it. Likely will not see any significant movement here or in the rest of the crypto markets today.
As predicted it was a relatively quiet day in the markets with all 3 indexes closing higher but only just. Trading volume was roughly half of what it normally was. Investors are again likely waiting for the Federal Reserve symposium which is now only going to be a 1 day virtual event on Friday thanks to some COVID virtue signaling. What else would you expect from a branch of the government?
Bitcoin holding towards the lower end of a consolidation at 48k, looking for a bounce here otherwise we could dip back down to 46k more or less and bring the rest of the crypto market with it.
LMND did not workout today on a breakout play unfortunately. That is how it goes sometimes which is why it is very important to take hard stop losses and protect your trading account!
After a huge rally yesterday and the Fed's symposium coming up later this week which is expected to cause some movement in the markets, we are likely going to see a pretty tempered day today. This is good for us day traders as it gives us opportunities to find good reliable patterns that will not be pulled one way or the other unexpectedly by the broader markets.
Some stocks being watched are SAVA, TWLO, and LMND. Only taking trades if t hey present good reliable patterns though!
The QQQ blows by a previous record high, SPY sets a record high as well and the DOW finishes up by a pretty good margin. Great day all around for the markets, hopefully signaling a sign of strength for the rest of the week. Nothing is certain though especially with Jerome Powell and the Fed's symposium up in Jackson Hole later this week, so we will see what happens then.
In the meantime though, VLO worked out quite well for me playing off the momentum that the energy sector had today, MOS got about 60-70% to target but ended the day at break even. Ended the day overall up 2R so good start to the week.
Bitcoin looking solid still holding onto gains, although it is normal that it needs to rest after finally making a push up to 50k. Next target would be around 56k.
All markets start up on the day by pretty good margins, looking to continue the momentum from a strong close last Friday. SPY and QQQ pretty close to record highs though so could potentially see some choppiness around the current range.
Bitcoin breaks above 50k as predicted without a ton of resistance on the way up, next stop would be around 56-58k, however expect some choppiness on the way up, very unlikely to be a straight line up.
Some stocks being watched today are COIN, CHWY, UPST, and MOS.
Markets open a little down but pretty flat for the most part, after a big slide yesterday into support there is definitely some potential today for a bounce. Keep an eye out for stocks that ended at support levels yesterday and are showing a quality pattern today at the open. Lots of opportunities out there.
Bitcoin sitting at 45.2k, near the bottom of the consolidation range we have been in for the past 10 days or so. If markets have a good day today we could see some of that flow into bitcoin and crypto which would be nice as it would keep the upward momentum going.
Some stocks being watched today for long plays are CHWY (Above 94.50), NOVA (Above 32.20), LITE (Above 81.80), and PLNT (Above 73.50).
Stocks gap down to start the day and don't look back, all 3 indexes ending the day pretty far down. However, we did end the day relatively close to a few levels of support so there is a chance we see a nice bounce tomorrow. Will need to see what the pre market charts look like to determine whether or not we are going to have a potential bounce.
No trades taken today, but not losing money is better than losing money in uncertain conditions. Will be planning on looking for stocks that ended down today close to levels of support and putting them on a list. Then in the morning after pre market charts get going, start looking at that list and see if anything is gapping up. Could be a huge profit day if there is in fact a market bounce!